Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 12 Months Ended
Dec. 31, 2011
Discontinued Operations  
Note 16 - Discontinued Operations

Pursuant to the Merger Agreement, on June 21, 2011, the Company ceased operations of the following entities: Youth Media (BVI) Limited, Youth Media (Hong Kong) Limited, Youth Media (Beijing) Limited and Rebel Crew Films, Inc.  Accordingly, the results of operations of these entities are reported as losses from discontinued operations in the consolidated statement of operations.

 

The Company does not expect to derive any revenues from the Discontinued Group in the future and does not expect to incur any significant ongoing operating expenses.

 

Results for discontinued operations for the period from June 21, 2011 to December 31, 2011 are as follows:

 

    2011  
China Youth Media, Inc.   $ 10,114  
Youth Media (Hong Kong)     2,050  
Youth Media (Beijing)     13,285  
Net loss from discontinued operations   $ 25,449  

 

Assets and liabilities of discontinued operations were comprised of the following at December 31, 2011:

 

    2011  
Accounts payable and accrued expense   $ 430,973  
Related party note payable     169,984  
Convertible note payable     50,000  
Total liabilities   $ 650,957